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New Accounting Standards Nonprofits Need to Know-Webinar

Recently Jay Azar, Director of Not-for-Profit Practices at Lindquist gave a webinar discussing new accounting standards for nonprofit organizations.

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Webinar: New Accounting Standards Nonprofits Need to Know

Recently Jay Azar, Director of Not-for-Profit Practices at Lindquist gave a webinar discussing new accounting standards for nonprofit organizations. The Financial Accounting Standards Board (FASB) recently finalized a new accounting standard, which will affect how not-for-profit entities present their financial statements (Accounting Standard Update No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities). The new standard  focuses on improving, enhancing and simplifying financial statement reporting requirements.

Watch our Director of Not-for-Profit Practice Services talk about how organizations can begin to prepare their accounting and financial reporting systems for these changes.

Key takeaways include:

  • Understanding the objectives of the FASB Not-for-Profit Financial Statement Project.
  • Identifying the significant changes discussed in Accounting Standards Update 2016-14
    • Changes from the current three fund categories to two fund categories of “Funds Without Donor Restrictions” and “Funds With Donor Restrictions”
    • Requiring the use of a classified balance sheet and allowing for display of assets with limited use.
    • Requiring that information provided about expenses for the period will be presented both by functional and natural classifications for all not-for-profits.
  • Thinking about the impact these changes will have on your organization.

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